New Delhi, Dec 3 (IANS): Reliance Industries Limited (RIL) has been ranked Number One in the 2020 Fortune India 500 list of Indias largest companies.

According to Fortune India, Reliance pipped the public-sector Indian Oil Corporation (IOC) last year to top the Fortune India 500 for the first time ever.

Despite the challenges of a slowing economy, RIL has managed to come up at the top of the list in the 2020 listing as well. The Fortune India 500 list is based on revenue, and the figures this year pertain to fiscal year 2019-2020.

This year's Fortune India 500 list is evidence of the challenges India's largest companies had been facing even before the Coronavirus pandemic hit the global economy. However, it also demonstrates the might and resilience of the Indian corporate sector in dealing with the challenges and moving forward. The global economic landscape is changing rapidly, more so after the pandemic, and Corporate India will need to navigate this new world to stay ahead, Fortune India said.

The top 10 companies on the 2020 Fortune India 500 list are Reliance Industries, Indian Oil Corporation, Oil and Natural Gas Corporation, State Bank of India, Bharat Petroleum, Tata Motors, Rajesh Exports, Tata Consultancy Services, ICICI Bank and L&T.

Fortune India said that the largest companies continue to account for the bulk of the cumulative revenues of the 500 companies is evident. The list shows 38 companies clocking revenues of over Rs 50,000 crore each, together accounting for nearly 60 per cent of the total revenues this year. On the other hand, as many as 139 companies reported revenues of under Rs 3,000 crore each, together accounting for just under 4 per cent of the total revenues.